Mvelopes

[debtfreecb]

Has anyone used "Mvelopes". What do you think about the program?

[poundwise]

I think Mvelopes is a very good system.

I also think that their fee is way too much ($130 annually). While I admire their site and etc., there is no way, in my view, to justify that cost.

[skydivingchic]

I've been using Mvelopes since January of this year and absolutely love the program.

For several years I would run up a few $1000 on my credit card, give up, and pay it off with what should have been my EF. I finally got serious about paying it off once and for all. So I transferred the balance to a 0% reward card, signed up for the free trial at Mvelopes, and developed a real budget. My CC was paid in full in May and each month gets paid in full now (I'm now earning cash back rewards without paying interest!). I've also managed to save 1 month's living expenses (seperate from my EF) in my checking account. Now the paychecks I get in September don't get touched until October 1, when I'm able to fully fund all envelopes for the month. This program has made it much easier for me to see where my money goes and saving up for the "emergency" expenses is very easy. I have a seperate envelope for car repairs, for example. No more raiding the savings account for that (barring a major, major break down, anyway). The kitties have their own envelope for their care and vet bills. It has become a challenge to me to see how much I can sweep out of my variable expense envelope every month and into savings. Also, I am imitating Bank of America's Keep the Change program by transferring the change from each transaction into my Emigrant savings account - that adds up to another $10 or so a month that I wouldn't have saved otherwise.

For me, this program has been exactly what I need to get my finances in order. It has more than paid for itself in interest saved on the CC, hidden expenses, and extra savings like the envelope sweeps I mentioned above. This is by far the best thing that has happened to my personal finances.

I know many people are turned off by paying money for program to save and budget. Truthfully, you could probably imitate much of what the program does by setting up an Excel spreadsheet. But for $8/mo (biannual renewal), I'll stick with the convinence of Mvelopes.

[poundwise]

I know many people are turned off by paying money for program to save and budget.

Just for the record, I am not opposed to paying money for a program. However, when Quicken Deluxe is $50, Money Deluxe is $30 and Premium is $50, and you don't have to buy a new version every year (or even every couple of years if you don't want), even $8 a month ($96 a year) is hard to justify IMO.

Truthfully, you could probably imitate much of what the program does by setting up an Excel spreadsheet. But for $8/mo (biannual renewal), I'll stick with the convinence of Mvelopes.

Or, for a spreadsheet(s), one could download the free OpenOffice suite and then Google "free personal finance spreadsheets" or "free budget spreadsheets."

Or, for saving and planning online for free, use something like MySpendingPlan.com.


Ultimately, I'm not going to knock anyone who is in control of their finances. Like I said, I think Mvelopes is a good system. I just think it is expensive both in general and in comparison to other options. However, $8 a month (or even more, which is what Mvelopes cost if one signs up for quarterly or annual billing) is hardly devastating to someone whom the system helps. Most people waste more than $8 a month or $130 a year just by not being on top of their finances well.

I stand by my assessment and opinion that Mvelopes is overpriced. But I also say that if it works well for you, or if someone wants to try the trial, more power to you. In the case of the latter, you may want to check out the trial versions of programs like Money and other free options like myspendingplan.com as you consider your options and make your decision.

[Ima saver]

I have used the envelope system my entire adult life and it has always worked well. Stick with what works for you!